Following the need for further AML/CFT enforcement, the Maltese Government
cracked down on its compliance regulations and issued not only the
Business Risk Assessment document a few weeks
ago but it now also released another document titled
"Enforcement Factsheet". This document was drawn up by
the FIAU's Enforcement Section and, in tandem with the
aforementioned Business Risk Assessment, aims to assist Subject
Persons in enhancing the compliance to AML/CFT obligations.
Consequent to a complete assessment taken during the years 2019
and 2020, the FIAU has now increased its supervisory coverage,
instated heftier sanctions, and imposed numerous remediation
directives.
The Enforcement Factsheet summarises the findings of the
enforcement actions taken in 2019 and 2020 alongside its
conclusions. An annex contains a graphical representation of the
most common discoveries.
